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Journals and Conferences

The performance of five adverse selection models are examined by comparing their component estimates to other measures of information asymmetry and informed trading. The models produce mixed results. Adverse selection components correlate with various volatility measures, but appear unrelated to measures of uncertainty. Only three of the five models have… (More)

Managers frequently cite the desire to mitigate asymmetric information as a motivation for increasing firm focus. The information benefits of focus appear relevant for the subset of firms that actually increase their focus; however, the relevance of focus-related information benefits for the population of diversified firms is an open question. This paper… (More)

We study the effect of adoption of enterprise risk management (ERM) principles on firms' long-term performance by examining how financial, asset and market characteristics change around the time of ERM adoption. Using a sample of 106 firms that announce the hiring of a Chief Risk Officer (an event frequently accompanied by adoption of Enterprise Risk… (More)

Torrens House provides a short residential programme for families with a baby (8-12 months of age) identified by parents as having a sleep problem such as waking frequently at night and being difficult to settle. The programme involves the promotion of infant self-settling by the use of a controlled crying technique, together with wrapping, cessation of… (More)

This paper uses a hazard model approach to examine the factors that influence firm level adoption of enterprise risk management (ERM). Enterprise risk management provides a process by which a firm integrates all of its risk management functions. We proxy the decision to implement ERM with the decision to hire a Chief Risk Officer (CRO) or similar senior… (More)

We find that equity mispricing impacts the speed at which firms adjust to their target leverage and does so in predictable ways depending on whether the firm is over-or underlevered. For example, firms that are above their target leverage and should therefore issue equity (or retire debt), adjust more rapidly to their target when their equity is overvalued.… (More)

Executive Summary In this paper we examine the effect of Enterprise Risk Management (ERM) adoption on a firm's corporate reputation. ERM may impact corporate reputation in a variety of ways. First, ERM is a management process that enables a firm to holistically manage all risks. This creates a process in which individual risks, including reputation risk,… (More)

We examine the effect of home market short-sale constraints on securities that also trade in other countries that have more liberal short-sale rules. In particular, we focus on the case of ADRs traded in the US, as in some cases, the home markets of these ADRs prohibit short selling. We find that short sellers more heavily trade ADRs from countries where… (More)

We test the market timing theory of capital structure using UK data by estimating intrinsic value of equities and find that the effect is statistically and economically significant. Managers increase debt (equity) issues during periods of undervaluation (overvaluation). We show that repurchasing behavior is equally influenced by equity mispricing. Financial… (More)